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Nelnet (NNI) Cost of Revenue (2017 - 2025)

Nelnet (NNI) has disclosed Cost of Revenue for 9 consecutive years, with $53.0 million as the latest value for Q4 2025.

  • On a quarterly basis, Cost of Revenue fell 23.25% to $53.0 million in Q4 2025 year-over-year; TTM through Dec 2025 was $226.3 million, a 10.46% decrease, with the full-year FY2025 number at $226.3 million, down 10.33% from a year prior.
  • Cost of Revenue was $53.0 million for Q4 2025 at Nelnet, down from $60.0 million in the prior quarter.
  • In the past five years, Cost of Revenue ranged from a high of $72.3 million in Q3 2024 to a low of $21.7 million in Q2 2021.
  • A 5-year average of $48.8 million and a median of $52.3 million in 2023 define the central range for Cost of Revenue.
  • Peak YoY movement for Cost of Revenue: skyrocketed 429.84% in 2021, then fell 23.25% in 2025.
  • Nelnet's Cost of Revenue stood at $28.6 million in 2021, then soared by 86.5% to $53.3 million in 2022, then increased by 17.66% to $62.8 million in 2023, then rose by 10.12% to $69.1 million in 2024, then dropped by 23.25% to $53.0 million in 2025.
  • Per Business Quant, the three most recent readings for NNI's Cost of Revenue are $53.0 million (Q4 2025), $60.0 million (Q3 2025), and $55.7 million (Q2 2025).